G Mining outlines $972m development plan for the Oko West Gold Project.
The feasibility study highlights the project’s potential for a large-scale operation combining open pit and underground mining. Over a 12.3-year lifespan, Oko West is forecasted to produce 4.3 million ounces of gold, averaging 350,000 ounces annually at an all-in sustaining cost of $1,123 per ounce. At a gold price of $2,500 per ounce, the project’s after-tax net present value is $2.2 billion, with an internal rate of return of 27%.
Louis-Pierre Gignac, president and CEO of G Mining Ventures, stated: “The Oko West Feasibility Study marks a major milestone in realising the value of what we consider one of the world’s most exciting undeveloped gold projects. It confirms a long-life, high-margin operation with strong economics, supported by a proven resource and solid infrastructure. With Tocantinzinho nearing nameplate capacity and generating meaningful free cash flow, GMIN is well positioned to advance Oko West using the same experienced team and disciplined execution that delivered our first mine ahead of schedule and on budget.”
Located in Region 7, approximately 120km southwest of Georgetown and 50km west of Bartica, the project benefits from multiple access routes and Guyana’s growing economy. Environmental permits are anticipated by the second quarter of 2025, with a construction decision expected in the second half of 2025.
The project’s mineral resources include 80.3 million tonnes of indicated resources at an average gold grade of 2.1 grams per tonne, equating to 5.4 million ounces, and 5.1 million tonnes of inferred resources at 2.36 grams per tonne, containing 0.4 million ounces. Probable reserves total 76.6 million tonnes at 1.89 grams per tonne, or 4.64 million ounces. Mining will begin with open pit operations for three years, transitioning to underground methods from the fourth year using long hole open stoping.
Open pit mining will focus on Block 4, with a smaller sub-pit, extracting 426.2 million tonnes of waste and overburden at a strip ratio of 6.8. Underground operations will access two zones via a decline ramp. The processing plant, designed for six million tonnes annually, will use comminution, gravity concentration, and cyanide leaching to produce doré bars.
The Oko West project leverages strong gold prices and Guyana’s infrastructure to deliver a robust mining operation, positioning GMIN to contribute significantly to the region’s economic development while meeting global gold demand.
